Hard Market to Persist Through 2004, Says Ernst &amp; Young

Disciplined underwriting and pricing in property and casualty commercial insurance should continue through 2004, but the temptation to cut prices and relax standards may be...

December 16, 2003

Disciplined underwriting and pricing in property and casualty commercial insurance should continue through 2004, but the temptation to cut prices and relax standards may be too great by 2005. That's the assessment of Peter R. Porrino, director of insurance services for Ernst & Young. During his company's annual press briefing, Porrino expressed skepticism that the insurance industry will avoid reducing prices, or at least keep them in line with claims.